Lessors Rush To Repossess More Jet Airways Planes, Even As Emergency Funds Awaited

MUMBAI (Reuters) – Lessors to India’s Jet Airways Ltd have applied to deregister another four Boeing Co 737 planes, the Indian aviation regulator said on its website on Wednesday, even as the embattled carrier seeks emergency funding from its lenders.

Latest analysis of data disclosed by the Directorate General of Civil Aviation shows that Jet’s lessors have, so far, sought to deregister and repossess at least four dozen of the planes operated by Jet. Once deregistered, lessors are free to reclaim a plane and lease it to another airline anywhere in the world.

Moves - Jet - Emergency - Funds - Lenders

The moves come even as Jet scrambles to secure emergency funds and its lenders try to hurry through a sale process to identify an investor willing to acquire a majority stake in the airline and attempt to turn it around.

Lenders are likely to invite binding bids from four shortlisted suitors, private equity firms TPG Capital and Indigo Partners, Indian sovereign wealth fund National Investment and Infrastructure Fund, and the UAE’s Etihad Airways that already owns a minority stake in Jet, local media reported.